End of the year thoughts

[KewlJ]

My blackjack partner (my younger brother) and I, wrapped up our blackjack play for the year earlier today, our first year as partners, his third playing "professionally". Our partnership involves playing separately, but splitting results, the benefit which is to smooth out the ride and avoid an outlier year to the negative like I experiences 3 or 4 years ago. And that worked out just fine, especially for me as my results were just a bit behind my brothers, so I benefited this year. Not too much though as we were fairly close in results. But what it did mean is I am not even top player in my household anymore (at least this year). But I can live with that.

My partner and I split 124k in BJ earnings (we split results evenly). This means my BJ earnings...my share, was down from what I have averaged over the last 8 years while I have lived and played in Vegas. BUT both my partner and I lost significant time due to my medical condition in the 4th quarter of the year. I lost 8 weeks and he lost 4, helping to care for me. So it is not surprising our blackjack numbers are down some, as our total EV was below what we were shooting for. Life happens.

Now in addition to our blackjack play, my brother and I and my spouse are 3-way partners in some supplemental machine play activities. Elementary stuff. Mostly it is just a predetermined amount of coin in that generates monthly mailer bonus play. The positive expected value all comes from the mailers and to be honest, I think this particular opportunity is drying up as Vegas local types casinos ALL seem to be tightening up on mail offers to locals. Not sure how much longer this will really be beneficial. In past years this extra, supplemental AP stuff has been worth just about 22k to me (my share). This year my share will be between 11-12k, when we finish that part of play up next week.

So that was my year. As I am sure everyone knows, I had heart surgery in mid October. I am now fully recovered and feel great....back to my old self. I initially thought my blackjack year was over then, but worked hard to get back playing and squeeze 3 more weeks play in before the holidays. I felt I owed that to my partner. Funny though that 3 weeks play for me was $5500 in EV, but only $137.50 in actual earnings. Didn't really add to our win total one bit. What are you going to do? I tried.

So, as I do most years now, I am done play just before Christmas, taking the rest of the year off to rest, relax and enjoy time with friends and family. We have some day trips planned next week, snow tubing up at Lee Canyon, (great fun, my mother loves this), and a trip to the Grand Canyon, where Mom's never been. I have spent a lot of time with my immediate family, my spouse, brother and mother, over the past couple months, while I was recovering, but there wasn't a whole lot of enjoyment going on...at least on my end. So this holiday season, spending time with the 3 of them, more enjoyable time, is going to be very special to me.

So I want to take this time to wish everyone who participates here, as well as those that participate at Norm's site and only read here, including Norman, a Merry Christmas and Happy Holiday season, with best wishes for the coming year. Good fortune, positive variance, and most important of all...good health. Talk to you all, in 2018!

I invite others to share your 2017 blackjack or AP results here, as you wrap up your year. Different people have different situations, recreational play, income or retirement supplementation, professional, as well as different betting levels. It isn't a Pxxxing contest, no one is competing against each other. I just enjoy hearing how everyone else's year went....especially compared to expectation. That is the only comparing I am interested in.

Peace.
KJ

 

[21forme]

KJ - enjoy your holidays.

How do you handle the tax burden on machine play income? Obviously your spouse got a W2G for the big one. Even if you file jointly, there's your brother to consider.

One thing you might want to look into is long term disability insurance (something that would kick in after 6-12 months of disability). I have no idea if it is available to a pro gambler or to someone with your medical history, but might be worth looking into, given the fact if you can't play any more, your income goes to zero.

 

[KewlJ]

KJ - enjoy your holidays.

How do you handle the tax burden on machine play income? Obviously your spouse got a W2G for the big one. Even if you file jointly, there's your brother to consider.

One thing you might want to look into is long term disability insurance (something that would kick in after 6-12 months of disability). I have no idea if it is available to a pro gambler or to someone with your medical history, but might be worth looking into, given the fact if you can't play any more, your income goes to zero.

I deleted the info about that big "hit" 21forme, but the W2G is in my spouse's name, but we filled out a tax form once we returned home that spreads the tax liability to the 3 of us.

I haven't looked into disability insurance and I am not going to. Even after a second heart surgery in 6 years, I am not suppose to be at higher risk. I don't have heart disease, or a bad heart. I had a bad heart valve as many people do, maybe millions? (including many from birth). That valve (2 actually) were replaced and that issue should have been "fixed" for many years. My problem was the "fix", the mechanical replacement failed after 6 years instead of 30. I just happened to draw a faulty piece of equipment....and now that has been replaced. And I shouldn't have to think about it for 30 more years.

That is what I have been told and that is what I have to believe for my own sake.

 

[Midwest Player]

I haven't looked into disability insurance and I am not going to. Even after a second heart surgery in 6 years, I am not suppose to be at higher risk.

You can always get disability under social security if you are paying into social security. I hope you are reporting your gambling income as a business and not as other income. When you report as a business you pay social security taxes, but you also qualify for all the social security benefits including medicare and a social security pension.

 

[21forme]

You can always get disability under social security

There a big difference between SSD and a private policy in terms of what it pays.

 

[KewlJ]

There a big difference between SSD and a private policy in terms of what it pays.

Ok, so do YOU have private disability insurance? And if you do, did you years ago when you were my age? I consider myself healthy (still). And as a healthy 30-somethimg, preparing for long-term disability is just not top priority. I mean any of us could have some sort of accident, on the roads, or elsewhere that leaves us paralyzed or disabled. How many people in their 30's have insurance for that scenario? (meaning long-term disability NOT medical)

I am not that far removed (8-10 years) from 'struggling' to support myself from my AP play. And as I have done better there has been some "catching up" to do financially. For me it's been one thing at a time. First thing for any blackjack AP, is building the bankroll, which allows for future earnings. I can check that off. Next, I paid off my home last year, so that's done and an asset that can be used for any kind of emergency and hopefully will be folded into retirement funds down the road. And now I am finally beginning more traditional retirement planning and saving. And when I stop playing blackjack, I have a six figure bankroll that will also be added to retirement. So I am getting there. My path hasn't been the traditional "put something away for retirement" from every paycheck, route, but I think I am probably as far along if not more than other people in mid 30's.

Anyway, I sort of hoped this would be a thread discussing the year that different members had, rather than retirement/disability planning, but that's ok. I can go with the flow. All good discussion that may be beneficial to people.

BTW, I am pretty familiar with SS disability as my spouse is receiving it. What a complicated system, but I have been forced to learn as much as I can. That is also why my spouse and I do not file the same way for taxes. His situation and my occupation, complicated our taxes a bit, so I would never attempt to handle it myself. I have a tax guy that specializes in professional players. I wonder if there is anywhere else in the world where a tax guy can exclusively or almost exclusively have professional gamblers as clients?

 

[Midwest Player]

Blackjack Results for 2017: This was my 3rd best year as far as blackjack dollars won. However, on an hourly basis it was my best year ever.

As far as other gambling income goes (free play etc), it was a very bad year. Only about $300 in free play winnings and prizes. My best year in other than blackjack gambling income was a little over $8,400 including a BJ21 post of the month.

 

[KewlJ]

including a BJ21 post of the month.

Wow, I never, ever even gave thought to including my one and only BJ21 post of the month "reward" as gambling winnings/earnings.

Hey does BJ21 still do POM? I never even cared for that concept. A few years ago when I was a regular member, it seemed like people were "trying" to win that $100 with prepared posts towards the end of the month. You could always spot a post shooting for POM. I prefer to participate because you want to share ideas and experiences. Not for financial incentive.

 

[21forme]

Ok, so do YOU have private disability insurance?

Yes. Got it in my 20s when I started working. Will provide more details privately.

I sort of hoped this would be a thread discussing the year that different members had

I don't discuss that info publicly. I won't even discuss how many hours I played, if you saw the thread MWP started elsewhere.

 

[KewlJ]

I don't discuss that info publicly. I won't even discuss how many hours I played, if you saw the thread MWP started elsewhere.

No problem....I know you are like that.

 

[KewlJ]

Blackjack Results for 2017: This was my 3rd best year as far as blackjack dollars won. However, on an hourly basis it was my best year ever.

This is sort of a 'hidden' area of improvement. I have some of this going on too. My first couple years in Vegas, I made roughly the same amounts I do now. BUT, I played a lot more to earn that. I lived alone one of those year, and was out of the house (condo) like 11-12 hours a day. Not playing all that time, but scouting, moving about between games, eating (sometimes taking a break to watch a ball game). I don't exactly track play by time (hours played), but I am much more efficient now, putting in significantly less time for the same return (at the same stakes level).

 

[BoSox]

Yes. Got it in my 20s when I started working. Will provide more details privately.

My goodness that set off alarms for me, as I am a retired union worker, where most all members only had short term 180 day disability coverage, and lost it upon retirement. I do not know positively but doubt very few blue collar workers, especially in their 20s took extra coverage on their own. Years later many of us wish they were smart enough to have the foresight.

21forme, I hope you are in good health, and it was just a case of you possibly being an executive with better options as well as brains than most people. My wife and I are currently in good health, BUT, that could change overnight, subsequently losing "in a relatively short period of time" most everything that we worked for over a lifetime.

KewlJ, I simply do not talk about any of my BJ results I hope you understand. What I will say is that my playing days are winding down, and I look at bj as a boring job, that I am good at, but regardless, is unnecessary, as I rather be doing other things.

 

[Good Guy]

It is wise to take disability insurance and it is generally inexpensive particularly if you get it through group insurance (ie., at work). I read that one out of 3 couples, one of them get temporarily disabled, which is about 1/6 incidence.

 

[Ryemo]

Extremely happy with my results this year, especially considering the big losing streak I went through that took 300+ hrs to get out of. My BJ earnings (including free table play coupons) was high 5 figures. My machine play was very low 5 figures. My total AP earnings for 2017 hit (but barely) 6 figures.

Last year I tipped out $719 in dealer tokes. This year I played about 50 hrs more and tipped about $20 less. I almost never tip, unless I’ve got a casino that this letting me play a high-EV game with impunity.

Despite hitting some HUGE swings in both directions, I pretty much landed right on EV for both BJ and free table play. I’ve calculated all of my EV for the entire year except for my last trip, so I have just a couple more sims to run. But before that trip, I was 2K behind EV. Based on my estimations for my last trip, I believe I’m close +/- a few grand.

 

[21forme]

Ryemo - nice going

Bosox - Yes, everything is fine. I brought it up because I know people who worked for themselves, then developed one problem or another that forced them out of business. Having the disability insurance was a financial lifesaver.

 

[psyduck]

KJ, wish you a wonderful new year! Enjoy your time with loved ones. These are real values in life!

BTW, I ask the site to remove the annoying ad stuck at the bottom of the page. It covers some buttons, in case you don't realize!!

 

[KewlJ]

KJ, wish you a wonderful new year! Enjoy your time with loved ones. These are real values in life!

Thank you, psyduck. Back at ya! Always good to hear from you.

 

[Midwest Player]

Extremely happy with my results this year, especially considering the big losing streak I went through that took 300+ hrs to get out of. My BJ earnings (including free table play coupons) was high 5 figures. My machine play was very low 5 figures. My total AP earnings for 2017 hit (but barely) 6 figures.

Congratulations Ryemo. I'm curious as to what counting system you use. Also what is your typical betting range.

 

[Ryemo]

Congratulations Ryemo. I'm curious as to what counting system you use. Also what is your typical betting range.

Thank you, MWP. I use Zen Count. And my stakes have fluctuated a lot this year. I started the year off with top bets of 2x500. I dropped down to 2x250 or 2x300 when I bottomed out during my losing streak. But after hitting some big wins in the last few months of year, I’m back to the same stakes I was playing in the beginning of this year.